PHG - Beat Telemetry trades to lowest since Philips deal after iRythm news

Beat Telemetry (BEAT), which is being acquired by Philips (PHG), is down 1% to $71.36 and fell more earlier after peer iRythm (IRTC) plunged after Novitas posted rates that Baird said appeared to be "really low."Novitas, a Medicare administrative contractor, posted rates that are used for reimbursement for IRTC's products."This is a massive slash on the face in the most important MAC jurisdiction for iRhythm," according to the Baird analyst.IRTC is plunging 42% even after the company recently posted a statement.Beat traded as low as $71.13 for the biggest deal spread since the Philips transaction was announced on Dec. 18.Philips didn't immediately respond to Seeking Alpha request after hours.

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Beat Telemetry trades to lowest since Philips deal after iRythm news